Today, the Covid19 pandemic has made people realized that doing business in the new normal is the only way to adapt to the new economic reality. However, most people don’t know how to implement this in their business and be successful.
As a result, we hosted a live webinar where our speaker Dr. Chantell Beaty Bello answered some of the pressing questions surrounding this topic.
Without further ado, here are the 5 main points about doing business in the new normal according to Dr. Chantell Beaty Bello:
Understand What New Normal Entails
Understanding what new normal entails is one of the key points to grow your business. We’ve gotten to a stage where we need to do some things because they are vital in today’s world. Therefore, some examples of the new normal includes;
- Practicing social distancing
- Wearing our mask not just to protect ourselves but also people around us. This is because people will learn that wearing their masks protects them not only from Covid19, but also from the common cold, common flu, and other diseases.
- Hand sanitizing
- Practicing cleanliness
These are basically some of the things you’d need to incorporate into your business.
Embrace Change
Generally, people find it difficult to accept change. However, some have now realized the need to be open and flexible for them to succeed today. Businesses must realize that to move forward, they must be willing to adapt to change.
However, some people kill change. In other words, they know that they need to embrace change but won’t – they simply don’t want to be open to learning. Consequently, this tends to lead to stagnancy and businesses shutting down. Statistics show that about 50% of businesses fail within the first five years. Hence, to succeed in today’s world, you need to embrace change.
Stay Current
Social media is your friend. For your business to succeed, you need to stay current on events happening around the world. And the best way to stay current is SOCIAL MEDIA. Therefore, you’ll be leaving money on the table as a business owner if you don’t integrate social media into your business.
Be Virtual
Due to the pandemic, people had been forced to stay at home. However, technology has allowed us to contact each other and work from home. Thus, in your business, you need to think about things that help you to be virtual.
Remain Open To Learning
It’s vital to develop a learning community in your business. In other words, you need to remain open to learning especially from experts in various industries. Consequently, collaborating and working with these people will enable you to make a more positive impact and also gain more reach. Therefore, you need to;
- Be open to going global
- Consider expanding your brand internationally
How Can You build on a global level in the current pandemic?
Dr. Chantell Beaty Bello stated that: “the biggest problem with sustainability is financing”. This simply means generating enough capital to sustain or build on a global level involves raising finances for your business. Thus, to generate the capital to build on a global level, you need to;
- Prepare your proposal ( business plan)
- Get in with different companies
- Prepare your business sheets (business canvas)
- Get loans from companies at a very low-interest rate
In America, the biggest thing is Credit. Therefore, you need to ensure you have good credit. This is because putting your finances in order makes it easier for you to use yourself as a personal guarantee.
Furthermore, having a business plan is probably the first thing the Small Business Association (SBA) wants you to have. This is because writing a business plan is the best way to test whether the idea of starting a business is feasible – other than going out and doing it. In this sense, business planning is your safety net. If your business shows through your business plan that your business idea is unacceptable, it will save you a lot of time and money. Also, as an entrepreneur, you need to get in with other investors and also have a mentor that can help guide you in your business.
What are the principles to engage long-term strategic planning in your business?
Dr. Chantell Beaty Bello answered the above question by stating that “having someone on your team that is a strategist, business coach, with vast experience in taking you to that point is exactly what you need”. This is because businesses are entities and you need someone that will be there to ensure you don’t fail.
Furthermore, your strategic planning is something you do within your team. You need to re-visit your business plans with your team every year to map out the latest strategies that aid business growth. Also, you need to make sure that part of your strategic plan involves preparing for crisis management.
How can entrepreneurs stay on top of emerging trends?
It’s quite simple! Social media is your friend. It is for the people and people want to be known. They want to be a part of what’s going on in this global economic system. Thus, as an entrepreneur, you need to stay on top of emerging trends through social media.
Furthermore, you can gain ACCESS to the latest trends by making alliances, collaborating with successful people (that can make you successful), learning about blockchain technology and artificial intelligence (AI), and so much more. Getting someone on your team to help keep you informed on the latest trends is also essential.
What are the predictions for doing business in the new normal in the next five years?
According to Dr. Chantell Beaty Bello, predicting the future is all about looking at what is happening today. Today, we are doing virtual, webinars, working from home, etc. This simply shows that we are not aiming for the bottom line; rather we are in business for the people. Therefore, what we are doing today is the FUTURE.
If you have any questions, feel free to contact us at info@ovacomconsulting.com and we will get back to you as soon as possible.
